Liability insurance for pension trustees
As a pension trustee, we understand you are responsible for ensuring the pension scheme is run appropriately, following the trust deeds and rules.
This responsibility puts you at risk of being held accountable should the scheme suffer financial loss associated with negligent or insufficient administration. Pension trustee liability insurance will protect you against financial loss. Cover can also include any compensation payable and the cost of any legal fees you incur defending yourself.
Here at Marsh Commercial, we can arrange cover that gives you and your business peace of mind. We'll give you:
- Confidence
We know you're dedicated to delivering specialist services. You can be confident that we're committed to working with leading insurers on your behalf. We'll arrange appropriate cover – on competitive terms. - Expertise
Our team have a wealth of knowledge in arranging commercial insurance for professionals. We take time to understand your business to ensure that the protection you have in place is suitable for the risks you face. - Service
We're here for you when you need us – from providing tailored advice to walking you through the claims process. So, while you focus on supporting your clients, we're here to protect you, making insurance one less thing for you to worry about.
How our team of insurance experts can help you
We take time to understand the risks you face as a pension trustee and advise how to manage them.
Get in touch with our team today. We're here to make sure you have the right pension trustee liability insurance in place to protect you.
Get in touch with a professional indemnity insurance expert
Need expert advice? Call the team now, or complete an online form and we'll call you.
What cover can pension trustee liability insurance offer you?
Working with reputable insurers and a national firm of solicitors highly regarded for specialising in pension law, we designed our pension trustee liability insurance in response to changes in legislation and an increasing trend towards litigation.
We tailor our pension trustee liability insurance around the needs of sponsoring employers, corporate trustees, pension schemes, and individuals. Cover also extends to include trustees' spouses, heirs, and estates.
You'll have peace of mind should you be held responsible for the scheme's financial loss. You may also receive advanced funds to cover defence costs and provide cover for settlement of an action.
Your policy will include exclusive cover and automatic extensions, as well as:
- availability of run-off insurance for schemes that are winding up or ceasing to exist
- automatic retired insured person coverage, available for up to six years
- automatic loss of documents coverage, from a minimum sub-limit of £250,000
- automatic theft extension, from a minimum sub-limit of £250,000
- no excess, subject to criteria
- 24-hour tax and legal advice, and health, medical and counselling helplines
- experienced solicitors appointed to deal with claims
- availability of discovery periods when policy ended
Professional indemnity insurance FAQs
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The cost of PI insurance varies depending on different factors, such as the level of cover you need, the number of people you employ, your annual turnover and the risks associated with your business activities.
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If you're found responsible for causing financial loss to your client due to an error or omission in the services you have provided, professional indemnity (PI) cover protects against legal costs and expenses involved in defending a claim, as well as compensation payable.
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Insurers do take cases to court, where it makes commercial sense. It's also important that they have the right legal advice to do this and that they stand a good chance of winning.
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For some professions, regulatory bodies make it compulsory to have PI cover in place to carry out their work. Other professionals must have PI as part of a contractual obligation, whilst many choose this cover because of the protection and security it provides if their advice or service delivered fails to meet a client's expectations.
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You are legally required to have cover for compensation of at least £5 million, but most policies will offer cover for £10 millon. Your premium cost is usually based on several factors: the nature of your business, how many people you employ (and/or the payroll cost) and any previous insurance claims. In larger organisations, or where several employees are based in one location, increased limits are recommended.
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This depends entirely on the policy. You'll need to ensure that it provides adequate cover for your business's professional service and the risks you may face.
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PI insurance protects you if you are found responsible for causing financial loss to your client due to a professional error or omission. A PI policy covers legal costs and expenses you may incur defending a claim, as well as any compensation payable if you are found responsible.
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The increased cost of claims means that your professional indemnity insurance needs to be substantial to ensure the claims can be covered.
